ADAM Alain: what changed
ADAM Alain
Largest movements
- Receivables within one year -€45,296
down €45,296 (-54.7%), from €82,829 to €37,533
of which Trade receivables: -€33,008
- Cash +€42,450
up €42,450 (+27.6%), from €153,832 to €196,282
mainly Receivables within one year (+€45,296) and Net result for the year (+€43,453)
- Deferred charges and accrued income -€14,497
down €14,497 (-87.1%), from €16,643 to €2,146
- Tangible fixed assets -€8,550
down €8,550 (-13.4%), from €63,612 to €55,063
of which Furniture and vehicles: -€7,813
- Stocks and contracts +€7,562
up €7,562 (+11.7%), from €64,358 to €71,920
- Reserves +€43,453
up €43,453 (+15.2%), from €285,161 to €328,614
of which Distributable reserves: +€43,453
- Current portion of long-term debt -€27,546
down €27,546 (-82.9%), from €33,236 to €5,690
- Other debts -€22,916
down €22,916 (-89.8%), from €25,510 to €2,594
- Debts after one year -€5,690
down €5,690 (-31.0%), from €18,332 to €12,641
- Trade debts -€4,133
down €4,133 (-36.6%), from €11,280 to €7,147
- Gross operating margin +€78,102
up €78,102 (+169%), from €46,209 to €124,311
- Staff costs +€38,108
up €38,108 (+784%), from €4,859 to €42,967
- Taxes +€12,502
up €12,502 (+239%), from €5,229 to €17,731
- Financial income +€2,575
up €2,575 (+57.1%), from €4,513 to €7,088
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €381,350 | €363,019 | -€18,331 | -4.8% |
| Fixed assets | 21/28 | €63,687 | €55,138 | -€8,550 | -13.4% |
| Tangible fixed assets | 22/27 | €63,612 | €55,063 | -€8,550 | -13.4% |
| Plant, machinery and equipment | 23 | €6,764 | €6,626 | -€137 | -2.0% |
| Furniture and vehicles | 24 | €54,174 | €46,361 | -€7,813 | -14.4% |
| Other tangible fixed assets | 26 | €2,675 | €2,076 | -€599 | -22.4% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €317,663 | €307,881 | -€9,782 | -3.1% |
| Stocks and contracts in progress | 3 | €64,358 | €71,920 | +€7,562 | +11.7% |
| Stocks | 30/36 | €64,358 | €71,920 | +€7,562 | +11.7% |
| Amounts receivable within one year | 40/41 | €82,829 | €37,533 | -€45,296 | -54.7% |
| Trade receivables | 40 | €44,785 | €11,777 | -€33,008 | -73.7% |
| Other amounts receivable | 41 | €38,044 | €25,756 | -€12,288 | -32.3% |
| Cash at bank and in hand | 54/58 | €153,832 | €196,282 | +€42,450 | +27.6% |
| Deferred charges and accrued income | 490/1 | €16,643 | €2,146 | -€14,497 | -87.1% |
| Total equity and liabilities | 10/49 | €381,350 | €363,019 | -€18,331 | -4.8% |
| Equity | 10/15 | €291,361 | €334,814 | +€43,453 | +14.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €285,161 | €328,614 | +€43,453 | +15.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €283,301 | €326,754 | +€43,453 | +15.3% |
| Amounts payable | 17/49 | €89,989 | €28,205 | -€61,784 | -68.7% |
| Amounts payable after more than one year | 17 | €18,332 | €12,641 | -€5,690 | -31.0% |
| Financial debts | 170/4 | €18,332 | €12,641 | -€5,690 | -31.0% |
| Amounts payable within one year | 42/48 | €70,093 | €15,498 | -€54,595 | -77.9% |
| Current portion of amounts payable after more than one year | 42 | €33,236 | €5,690 | -€27,546 | -82.9% |
| Financial debts | 43 | €67 | €67 | = | 0.0% |
| Credit institutions | 430/8 | €67 | €67 | = | 0.0% |
| Trade debts | 44 | €11,280 | €7,147 | -€4,133 | -36.6% |
| Suppliers | 440/4 | €11,280 | €7,147 | -€4,133 | -36.6% |
| Other amounts payable | 47/48 | €25,510 | €2,594 | -€22,916 | -89.8% |
| Accrued charges and deferred income | 492/3 | €1,564 | €65 | -€1,499 | -95.8% |
| Non-recurring operating income | 76A | - | €781 | +€781 | |
| Remuneration, social security and pensions | 62 | €4,859 | €42,967 | +€38,108 | +784% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,516 | €21,633 | +€1,116 | +5.4% |
| Other operating charges | 640/8 | €2,047 | €1,436 | -€610 | -29.8% |
| Non-recurring operating charges | 66A | - | €492 | +€492 | |
| Gross operating margin | 9900 | €46,209 | €124,311 | +€78,102 | +169% |
| Operating profit (loss) | 9901 | €18,787 | €57,784 | +€38,997 | +208% |
| Financial income | 75/76B | €4,513 | €7,088 | +€2,575 | +57.1% |
| Recurring financial income | 75 | €4,513 | €7,088 | +€2,575 | +57.1% |
| Financial charges | 65/66B | €4,119 | €3,687 | -€432 | -10.5% |
| Recurring financial charges | 65 | €4,119 | €3,687 | -€432 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €19,181 | €61,184 | +€42,004 | +219% |
| Income taxes | 67/77 | €5,229 | €17,731 | +€12,502 | +239% |
| Profit (loss) for the period | 9904 | €13,951 | €43,453 | +€29,502 | +211% |
| Profit (loss) for the period to be appropriated | 9905 | €13,951 | €43,453 | +€29,502 | +211% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.